India's largest public sector bank PNB has signed Memorandum of understanding with Tata Motors for financing its passenger car vehicles. The alliance between PNB & Tata Motors will help both the partners. The pact between two giants will accelerate car loan disbursals for TML passenger vehicles & will also boost PNB's retail portfolio.
PNB enjoys a vast network of 4604 branches including extension counters covering 2557 centres spread across the country. TML is having a vide network of 329 dealers, having presence in all
major centres.
RIS Sidhu, Chief General Manager, Punjab National Bank said, "Bank's car loan scheme is very much competitive & the tie up will help each other to provide easy finance options to the car buyer. Banks huge loyal customer base will be benefited from this tie up and will give boost to Banks retail portfolio."
Bank has recently slashed car loan rates by 50 basis points and it is presently offering car loan at interest rate of 10.50 to 11.00%.
Speaking on the occasion Nitin Seth, General Manager, Car Product said, "Tata Motors is glad to be associated with Punjab National Bank, the largest public sector bank in India. Our customers will benefit by PNB's competitive products & wide reach."
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